Which of the following would most likely increase the demand for televisions?
a. A decrease in the price of televisions.
b. A decline in consumer income.
c. A decrease in the price of home stereo systems, a substitute for televisions.
d. A decrease in the price of DVD players, a product that is complementary with televisions.
d
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Which of the following illustrates a macroeconomic question?
A. What is the least costly way to produce automobiles and trucks in the United States? B. Should the salaries of financial executives be regulated by the government? C. Will the introduction of a new computer chip change the demand for computers? D. Are increasing wage demands by workers contributing to price inflation?
Microeconomic models focus on the behavior of
a. all households, businesses, and government sectors at the same time b. the household sector as a whole c. individual households and business firms d. individual households, business firms, and government agencies e. the business and government sectors
Speculators serve no useful function in a market
a. True b. False Indicate whether the statement is true or false
Which of the following is not held constant along a demand curve for labor by a firm?
a. the firm's technology of production b. the price of the firm's output c. the marginal product of labor for the firm d. the price of substitutes for the firm's output